Standard Chartered Ghana Hits 3-Week High on Growth: Accra Mover

Dec. 13 (Bloomberg) -- Standard Chartered Plc’s Ghanaian
unit, the second-biggest lender on the country’s stock market,
rose to the highest in three weeks as investors speculate plans
to boost its branch network will increase profit in 2013.

The stock gained for a third day, its longest winning
streak in five weeks, adding 0.1 percent to 90.01 cedis by the 3
p.m. close in the capital, Accra. That’s the highest since Nov.
22, according to data compiled by Bloomberg.

The lender, which increased its branch numbers by three to
24 this year, will add at least another three in 2013, Ebenezer
Amankwah, spokesman for the bank, said by phone today. The
target is to increase the network to 42 by 2015, he said.

“We expect the expansion to raise costs at the bank this
year, but we see the gains overriding the costs from next
year,” Sulemana Mohammed, a financial research specialist at
Ecobank Development Corp., said by phone.